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20121202
20121210
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KOFY
Dec 9, 2012 9:00pm PST
the so-called fiscal cliff. they have until january 1st to extend the bush-era tax cuts. americans will see massive cuts to social spending. they didn't comment on the meeting today but other republicans are considering a raise in taxes for the wealthiest americans if it will help get a deal done. >> we have spun ourselves into a hole and we're not going to borrow money and get out of it. will i accept a tax increase as a part of a deal to actually solve our problems? yes. >> here is what cuts could come if a deal isn't made in time. military budget would be cut by $500 billion over ten years. schools could be cut. some ideas to avoid the cliff is eliminating the tax deduction for charitable contributions and not allowing homeowners to write off mortgaged payments. >> gas prices are dropping. national average for a gallon is 3.34. in california it's 3.63. in the bay area the average is 3.71 a gallon. >> snow has blanketed the midwest. it's made for severe driving conditions. >> difficult driving conditions and blinding snow. winter travel advisories. 89-15 inches of snow cover and
KOFY
Dec 5, 2012 9:00pm PST
term impact, the tax increases voters approved in proposition 30 could have on our state's economy. nannette miranda has the story tonight from sacramento. >> governor brown successfully got voters to approve proposition 30, a temporary income tax increase on high earners and a boost to the statewide sales tax to save public schools. but a new forecast calls it a double-edged sword because it will drag the economy slowing growth. >> republicans have been saying that for some time. any time that you have higher taxes, it changes behavior but it also dampens the economic recovery. >> they estimated payroll growth to be between 1-2% in the next two years. it predicts unemployment rate will average 10.5% by the end of the year and then go to 9.7% next year with a jobless rate of 8.4% in 2014. >> i think it's an oversimplification. >> an economist who is school finance consultant. he says it doesn't take into account if they rejected prop 30 six billion in cuts mostly to public education. he thinks californians want to trade short term growth for an investment in kids. >> we would have
KOFY
Dec 3, 2012 9:00pm PST
. >>> republic demands california are worried about the possibility of taxes going up because there aren't enough in sacramento to block it. lawmakers ushered in the new era today at the capitol after the election and as we report, democrat contract now hold essentially all the power. >> please wrist your right hand and repeat after me. >>reporter: new session begins with a dramatically reshaped legislature with democrat contract holding super majority powers in both houses. giving them the authority to raise taxes without republicans and override gubernatorial veto. still newly upon atheed assembly speaker vows to listen to the g.o.p. >> find the rate solution for the challenges facing our state is not the task of one party or one house. >>reporter: already though democrat contract have introduced a constitutional amend tomorrow make changes to proposition 13. the landmark initiative that limits how property taxes are assessed and requiresthirds vote for any new taxes. state senator proposal asked voters to allow logical communities to raise taxes for schools with 55 percent of the
KOFY
Dec 4, 2012 9:00pm PST
closes tax loop hole that mostly benefited out of state corporations. it's a billion dollar a contrary funding boost for the state. half goes to the general fund. the other half to the energy needs of schools that could mean no more puty around the window sill. >> theeled puty has been there forever. >>reporter: they make them sauna in the summer and freezer in the winter. sooins teacher hunter says those conditions hinder learning. >> kids go from classroom to classroom the experience is the same situation until after 3 or 4 hours of that it's pretty hard for them to focus. >>reporter: lawmakers just introduced measures to get project money out the door by next summer. retrofitting is expected to cut energy cost at least 30 percent. >> do we want to give them great new energy efficiency and clean energy technology then bring them up to the 21st century. >>reporter: when upgrading done the 4 billion dollars guess to the state general fun. this is abc 7 news. >> all right let's move back-talk about the weather forecast. spencer is tracking the next storm that is coming in not nearly wha
Search Results 0 to 3 of about 4